The IRS says there are only days left for Idahoans to receive $4.4 million in unclaimed tax refunds.
The IRS says about 4,500 Idahoans have not yet filed a 2020 federal tax return or claimed any outstanding refunds. They also point out that the average refund amount for those with unclaimed funds is $761 per person.
Under federal law, taxpayers have up to three years to file and claim a tax refund. The last filing date for his 2020 tax return is May 17th. After that date, all unclaimed funds will be added to the U.S. Treasury.
“There is still money left for hundreds of thousands of people who did not file their 2020 tax returns,” IRS Commissioner Danny Wuerffel said in a news release. “We want taxpayers to claim these refunds, but time is running out for those who may have overlooked or forgotten these refunds.”
How to get a 2020 Idaho refund
To request an unclaimed refund, Idahoans who have not filed a 2020 tax return must first do so. 2020 was four years ago, and while it may seem difficult to gather the information you need, it is not impossible. The IRS offers several options:
Request copies of important documents. Taxpayers who have lost their 2020, 2021, or 2022 Form W-2, 1098, 1099, or 5498 can request a new copy from their employer or bank.
Use Get Transcript Online. Taxpayers who are unable to obtain the above documents from their bank or employer can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. In many cases, it can be faster than waiting to hear from your bank or employer.
Request a transcript: If none of the above methods are available, taxpayers can request “wage and income records” by filing Form 4506-T with the IRS. This transcript will display information previously received from the IRS, including Forms W-2, 1099, 1098, and 5498, as well as his IRA contribution information. Taxpayers can use this information to file their tax returns.
Boise State Volunteer Income Tax Assistance Program
The Boise State Treasurer's Office operates a Volunteer Income Tax Assistance Program for people with annual incomes of $64,000 or less. Our IRS-certified tax preparers can help you prepare your current, previous, or amended taxes for free.
Boise and Meridian locations are available by reservation. Volunteers will also be available to assist you online.
More money will be paid to Idahoans.
Many people who haven't filed a 2020 return or applied for a refund may have forgotten to do so due to the confusion surrounding COVID-19.
“People are facing extremely unusual circumstances during the pandemic, which may have caused some to forget about the possibility of a refund on their 2020 tax return,” Werfel said in a news release. said.
“People may just be missing out on these, including students and part-time workers,” Werfel continued. “Some people may not be aware that they are owed a refund. To avoid the risk of missing the May deadline, we encourage you to review your files and start collecting your records now. .”
One thing Idaho taxpayers may be missing out on is unclaimed coronavirus-era stimulus checks. Those who missed their stimulus payment or received less than the full amount are eligible to claim a Recovery Rebate Credit on their 2020 return.
The first stimulus payments were issued between March and April 2020, providing up to $1,200 per eligible adult and $500 per eligible independent. The second round of payments was issued in December 2020 and provided up to $600 per eligible person.
Final stimulus payments of up to $1,400 per eligible person were distributed from March to April 2021.
You can check if you received your stimulus payment on the IRS website by creating an online account.